Healthcare Challenges, Strategy, Opportunities, and Execution
Healthcare Challenges, Strategy, Opportunities and Execution
You are the Vice President of Benefits at a Fortune 500 company that provides a competitive level of healthcare benefits to your employees and their families. As with other large employers, you have seen healthcare costs escalate faster than any other good or service in the economy and that expense has started to catch the eye of both your CEO and CFO. You also understand, as does the organization, the need for healthcare benefits to attract and retain the right talent as well as protect employees from unforeseen health-related financial hardship.
Your Senior Vice-President of Human Resources has approached you and requested a 1 to 2-page report on “HR Challenges, HR Strategy and HR Opportunities”.
Your assignment for Exercise 4 is to write a report for your Senior VP identifying:
4 HR challenges that businesses face as it relates to providing healthcare to your employees. Make sure to provide some detail/explanation on what those challenges are.
Then, you need to develop a specific healthcare strategy for your company based on those identified challenges.
Lastly, develop 4 HR initiatives/HR actions that could be taken to support/execute your strategy. You will need to provide some detail, that is, the actual actions that you would take to support your chosen strategic approach.
Make sure your report is clear, concise, and carefully crafted format.
Instructor Name
Course Number
Date
HR Challenges, HR Strategy, and HR Opportunities
Healthcare is becoming a significant issue for HR professionals due to the numerous challenges. All these issues make it harder to provide care which ensures the improvement of patient's health outcomes. This report for the senior VP focuses on these challenges that necessitate the need to adopt various strategies to deal with the problems while taking advantage of the opportunities to ensure that the decisions improve the patient's health outcomes in the long term.
One of the challenges is due to healthcare costs. The costs for getting healthcare have been increasing, especially for people who use an out-of-network care provider. The costs are still on the rise despite the new technologies and innovations in the field. The higher costs make it harder for people to get the required services. A second challenge arises from the aging population. The older population results in more healthcare needs since as a person gets older, they start to get numerous health issues (Wingfield et al. 52). The third challenge is that in the United States, the healthcare policies are not the best. The healthcare providers are encouraged by the health policies to offer services to more people rather than providing quality services. The last challenge that businesses face involves a shortage of healthcare and clinical personnel. This issue makes it harder to find experienced healthcare professionals to provide the necessary care for the workforce (Wingfield et al. 52). The businesses are also forced to deal with losses that can arise from higher turnover rates and even death due to illnesses.
The specific healthcare strategy that will apply to my company based on the four challenges above is that the contribution approaches should be defined better while introducing more private health exchanges. These approaches will be helpful since they allow people to buy coverage based on their needs (Bejtkovský and Copca 5). If employers are the direct...